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On April 16, Uganda-based two-wheel ride-hailing platform SafeBoda announced that it had completed 1 million rides in Ibadan, a southwestern city in Nigeria. The company, which first launched in Uganda, is disrupting the offline market of local motorcycles referred to as boda-bodas in Uganda and okadas in Nigeria.
Nigeria’s informal trade sector, worth over $244 billion, has more than 40 million micro, small and medium businesses. Most of these businesses operated offline until a few years ago when startups brought about digitization by providing infrastructure and a gamut of e-commerce and financial services.
The number of POS terminals in Nigeria grew from 150,000 in 2017 to 543,000 in April 2021, according to Statista. In Nigeria, POS terminals are used to process card payments at retail locations as well as for agency banking purposes, a branchless banking system where agents act like human ATMs.
India, with 32 startups, is the second-largest demographic represented in the new batch, while Nigeria is third, having delivered 18 startups. What it says it does : A platform for corporate expense cards and spend management for businesses in Africa. Location : Lagos, Nigeria. Location : Lagos, Nigeria. Website : [link].
For years, offline test preparation centers in Nigeria have provided after-school guidance and tutoring to students who seek to pass entrance examinations. Edtech platforms such as Edukoya have sprung up with the intent to take these models online and maintain affordability for students. Like in the U.S.,
Countries such as Nigeria, Kenya and South Africa are majorly responsible for skyrocketing adoption rates as citizens try to hedge against currency devaluation and build wealth. Earlier this year, Bitmama had fewer than 20,000 users across both platforms. Revenues come from margins on the transactions its users perform on the platform.
Shared transportation in Nigeria, Africa’s largest country by population, is a thriving business, at least when done the conventional way: offline. million in seed funding from several investors to blitz scale within and outside Nigeria. However , most have found little luck, especially those in the two-wheeler mobility space.
Kippa , the Nigerian startup improving the lifecycle of small businesses across the country with its financial management and payments platform, has raised $8.4 Kippa said the investment will allow it to develop financial products that help SMEs grow their businesses and grow its team in Nigeria. Nigeria’s Kippa gets $3.2M
In Nigeria alone, this industry, worth more than $200 billion, consists of over 40 million businesses of varying sizes, according to reports. Small businesses in Nigeria have stayed offline for years, storing information and essential data offhand, on paper or ledgers.
Startups digitizing B2B e-commerce and retail in Africa continue to grab the headlines after the pandemic paved the way for widespread offline retail and commerce disruption. TradeDepot , a Nigeria- and U.S.-based A large majority of small and medium-sized businesses in Nigeria and across Africa are offline.
Millions of small businesses globally, especially in emerging markets, have stayed offline for the better part of the past decade. In Nigeria, some go to the extent of keeping information offhand. Before Kippa, the trio founded Africave, a software talent matching platform in 2019 that shuttered last year.
The e-commerce platform is now set to introduce a range of products and options including buy-now-pay-later (BNPL) financing and a new online payment option. Offline payment is also a costly option for buyers as it comes with a cash-on-delivery fee. It’s a huge market at the end of the day, you have roughly 250 million people.
While big restaurants and restaurant chains are often capable of setting their management systems or using well-known point-of-sale providers, thousands of smaller restaurants in Africa rely on offline methods such as pen and paper to produce receipts and make reconciliations. said the CTO in a statement.
But since the unicorn changed its business model to a pure marketplace focusing on senior developers, other platforms such as AltSchool Africa are trying to fill one of the gaps it left: training people to become junior to mid-level engineers. Nigeria has a population of almost 200 million, with 60% under the age of 25.
Fashion items are among the most — if not the most — sought after on many e-commerce platforms. While general e-commerce activities between African shoppers and global brands have occurred informally via long-held relationships, several platforms have used tech to centralize these processes across various shopping brackets.
Its business model revolved around providing a support vessel booking platform that matched vessel chartering requests made by operators with available Offshore Support Vessels (OSVs). . What followed was the launch of MVXtransit, a digital freight booking platform, helping cargo owners find deals on moving containers across Nigeria.
After leaving the Stripe-owned company in 2019, he launched a data startup called Voyance where Singh, who had already exited one of his products — Transferpay.ng , an offline payments startup — was a software engineer. Down the line, we can use this data for different use cases and solve various problems.”
Salient surveyed over 80 companies across Ghana, Kenya, Nigeria, and Uganda, 25% more than the number it tracked in its last report in 2021. One way Adeseun reckons that might happen is if B2B e-commerce platforms in retail take an interest in pharmaceutical and health-based products. As such, their growth has been rapid, Salient says.
Further checks in Crunchbase and Tracxn--platforms that track funding rounds in startups and private companies globally–reveal that the company closed the round in August 2021. PalmPay came into Nigeria’s payments scene in June 2019. PalmPay launches in Nigeria on $40M round led by China’s Transsion.
In a market where internet-enabled app-based banking can reach 300 million subscribers on the continent, USSD technology, predominantly offline and used mainly by feature phones, outpaces it with 850 million connections. And so what we’re doing is building for them, because despite having a smartphone, they want to be offline.
Let’s say you’re a freelance engineer in Nigeria working for a U.S. A few issues using third parties or a Bureau De Change, or BDC as commonly known in Nigeria, include inflated rates, you can only access them for specific hours, proximity and there are chances you’d get cheated. Grey has grown to transact north of $1 million monthly.
Orda , a Nigerian food tech platform that provides a cloud-based restaurant operating system to solve these issues for small, independent restaurants, is announcing that it has secured a $3.4 “We’re seeing fast-paced growth in Nigeria and Kenya with a retention rate of above 95%,” Futi added. . million seed investment.
Yet, ThankUCash , a platform launched in 2018 by Connected Analytics , has managed to thrive, proving that not all is gloom in the deals, coupon and rewards business. Online platforms like ThankUCash present these merchants with an opportunity to delve into rewards and help them retain loyalty and increase revenue.
The startup also launched a one-to-many live class feature with polls and leaderboards and a one-to-one live experience for DevKids, a coding class independent of the core uLesson platform. million questions answered on the platform. Nigeria remains uLesson’s largest market by far, said Shagaya. 137,000 ($334).
The firm seems to have found an investor as it announced that The Rise Fund , the global impact investing platform of investment firm TPG , will invest $200 million in its mobile money arm. . Typically , these services are present across countries of operation except Nigeria. million and 9.7% ARPU growth.
The business opportunity for remittance is lucrative despite digital lenders vying for less than 20% of the international money market dominated by traditional offline players. in average transaction fees, digital senders like NALA pitch themselves to customers as platforms with the best rates and lowest prices.
In 2019, the Naspers-owned online marketplace sold its assets in Nigeria, Ghana, Kenya, Tanzania and Uganda to the seven-year-old classifieds player. He claims the category has over $3 billion worth of listings out of the platform’s total listing exceeding $10 billion (real estate commands almost $7 billion).
In addition to Tunisia, GOMYCODE is present in Bahrain, Morocco, Egypt, Algeria, Ivory Coast, Senegal and Nigeria. It also plans to deepen its presence in the countries already present, especially Egypt and Nigeria. They operate online-only or hybrid models (a combination of offline and online settings).
Kenyan consumer experience platform for businesses in Africa, Ajua today announced that it has acquired WayaWaya , a Kenya-based AI and ML messaging and payments company. Nigeria’s SME market alone is valued at $220 billion annually. WayaWaya’s customers and partners include the likes of I&M Bank, Interswitch and MTN.
Since the start of this year, Jambo has already signed up over 12,000 students across 15 countries (Morocco, Nigeria, Ethiopia, Equatorial Guinea, Uganda, Kenya, Congo, Uganda, Rwanda, DR Congo, Tanzania, Zambia, Namibia, Madagascar and South Africa) to take a curated web3 curriculum, both online and offline.
While Delila Kidanu grew up in Nairobi, Kenya, mobile money platform M-Pesa was the go-to fintech platform for her and most Kenyans. Apart from being offline models, savings with microfinance banks, cooperatives and informal saving groups have manual, expensive and opaque processes.
Yet, as established players continue to have thousands of merchants and millions of users on their platforms, BNPL services are just picking up in Africa. How these platforms assess credit risk. The case of finding a market need and product-market fit was slightly different for Egyptian digital lending platform Shahry.
Beth is an expert in facilitating online and offline peer learning, curriculum development based on traditional adult learning theory and other instructional approaches. While there are larger numbers of Gen Z in India, China and Nigeria compared to UK or US, they are truly a global organization.
Nigeria remains a largely cash-dominated country. Founded by Tomilola Adejana and Fredrick Adams in 2018, Bankly is digitizing the informal thrift collections system known with different names such as esusu or ajo in Nigeria. Agents on the platform also take commissions for any transaction a customer makes through them.
ULesson , an edtech startup based in Nigeria that sells digital curriculum to students through SD cards, has raised $7.5 It opens up the world for us to do all kinds of really amazing things we’ve wanted to do in the world of edtech that you can’t do in a strictly offline sense,” the founder added.
While Nigeria and Kenya have been at the forefront of African fintech innovation, activities in Egypt are beginning to shape up nicely. The platform helps online and offline merchants to accept payments from their customers via several products and solutions. million Series A round. In July 2020, Paymob raised $3.5
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